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What is Your Accounting and Bookkeeping Strategy for the Rest of 2010?

April 14, 2010

We are now into the second quarter of 2010, tax season is winding down, and most companies have or will review first quarter results.  I will assume that foremost on the review will be sales trends and expenses, along with profitability.  Results will be compared to goals.  Strategies will be adjusted for the year based on the results.

For some businesses, there may be cuts in certain expenses to lower costs.  For others it will be a drive to get more revenue, or a combination of both.   For some it may be the best strategy to remain with the current plan.

One area often missed and often considered a “sacred cow” is the accounting arm of the company.  It’s a major cost center and a good business strategy should include serious thinking about what pieces of it should be kept internally or outsourced.  There is definitely a cost in outsourcing but there is also an efficiency gained when it is outsourced to the right firm.

There are some companies, like CFO Rick Inc., that have full accounting and bookkeeping services available, like consulting, budgeting, payroll and human resource support.  The company also processes tax returns.  Companies like this one are making roads in markets like San Francisco because of the need of businesses to lower costs and increase efficiencies. Reducing overhead in a cost center like an accounting department without losing quality of service has proven to be a great solution for small and big businesses.  On average immediate saving are around 25%.  However, over time more and more savings are realized as the outsourcing partnership is leveraged for further services.

It’s good business to look at your accounting and bookkeeping strategy for the rest of the year as a way to plan for your business success.

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